The Champaign County area housing market rebounded in June as gains were reported in home sales activity and prices continued on an upward trajectory trend with more buyers returning to the market, according to the Champaign County Area Association of REALTORS®.
Residential home sale activity increased 10.17 percent in June to 379 sales in the Champaign County area compared to 344 sales in June of 2019. The median home sale price in June for the Champaign County area was $174,500, up 6.4 percent as compared to $164,000 in June 2019. The median is a typical market price where half the homes sold for more, half for less.
The average home sale price in June was $201,022, up 6.16 percent from $189,357 in June one year ago.
Year-to-date home sales for 2020 through the month of June stood at 1,366, off slightly (down .36 percent) from 1,371 home sales during the same period in 2019.
Pending sales volume in Champaign County continued to escalate during June. According to Midwest Real Estate Data LLC, during June there were 312 pending sales, up 57 percent as compared to 198 pending sales in June of 2019. Pending sales for the month of June reflect the total number of active listings that went under contract and are awaiting closing, usually 30 to 60 days in the future. The average number of days on the market stood at 87 days, the same number of days on the market reported in May of 2020.
“The spring selling season definitely shifted into summer as the pandemic lockdown restrictions loosened in June. More buyers were ready to buy with their pent-up demand although some faced more competition for the home they wanted. A surge in pending sales volume should signal a strong month of sales in July as well,” said Julie Roth, president of the Champaign County Association of REALTORS®. “Mortgage rates are now at incredibly low levels as within the past week the 30-year fixed rate mortgage dropped below three percent for the first time in 50 years.”
The average 30-year fixed rate mortgage rate according to the Federal Home Loan Mortgage Corporation was 3.16 percent in June, down from 3.80 percent in June of 2020 and down from 3.23 percent in May of 2020. According to Freddie Mac, the 30-year fixed rate mortgage averaged 2.98 percent for the week ending July 16th, falling below 3 percent for the first time in 50 years and reaching the lowest rate in the survey’s history dating back to 1971.
New listings in the Champaign County area housing market grew by 9.4 percent in June.
“The strength of the housing market will in large part be determined by the growth in inventory levels and will depend on sellers re-gaining the confidence to list their homes during a pandemic,” said Roth. “With the influx of buyers to the market, sellers hopefully will see this as a prime opportunity to make their own move and transition their housing in order to take advantage of dropping low mortgage rates. REALTORS® are taking precautions to keep buyers and sellers safe and incorporating technology and virtual staging options to avoid unnecessary traffic.”
In the May NAR Pending Home Sales Index report, Dr. Lawrence Yun, chief economist of the National Association of REALTORS reported contract signings rose 44.3% in May, chronicling the highest month-over-month gain in the index since NAR started it in January 2001. “This has been a spectacular recovery for contract signings, and goes to show the resiliency of American consumers and their evergreen desire for homeownership. This bounce back also speaks to how the housing sector could lead the way for a broader economic recovery,” said Yun.
The Champaign County Association of REALTORS® is a voluntary trade organization serving Champaign County and surrounding areas and is the leading resource for REALTOR® members and an advocate for homeownership and private property rights. Data was compiled by Midwest Real Estate Data, LLC as available on July 14, 2020. The Champaign County Association of REALTORS® is an active participant in promoting equality and inclusion as longtime champions of fair housing with equal access to housing and opportunity for all. CCAR opposes discrimination based on race, color, religion, sex, handicap, familial status, sexual orientation, gender identity, & national origin.
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The Champaign County Association of REALTORS® is the "Voice for Real Estate" in the Champaign County area of Illinois, whose over 400 members are engaged in all facets of the real estate industry. CCAR was chartered in 1917.
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